MSC Investment and Management has purchased the nine-building Virginia Highlands Apartment Homes in Atlanta from RangeWater Real Estate. The multifamily asset is in the city’s Virginia Highlands neighborhood near the Midtown submarket. H.I.G. Realty Partners has originated the $69 million loan that financed the acquisition.
The 270-unit Virginia Highlands Apartment Homes, located at 609 Virginia Ave. N.E., offers one- and two-bedroom residences, ranging from 525 square feet to 1,050 square feet. The property was built in 1988 and has 342 parking spaces.
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Apartment amenities include semi-private entry, granite countertops, hardwood floors, walk-in closets, washer/dryer hookups and microwaves. Select units can include washers/dryers and private balconies/patios. Residents of Virginia Highlands Apartment Homes have access to conveniences that include controlled access and monitored security, a fitness center, a dog park, an outdoor covered kitchen area, a swimming pool and a spa.
The property borders the 22-mile Atlanta BeltLine, the adaptive reuse of a railroad corridor that circles the city. The mixed-use development will feature trails, modern streetcars and parks and public spaces. Virginia Highlands Apartment Homes residents are also close to Piedmont Park, Ponce City Market and Midtown.
MSC Investment was noted as planning a renovation program to upgrade its new multifamily asset to market-leading quality and constructing a new amenity center at the site.
Michael Mestel and Jeff Wiseman with H.I.G. Realty arranged the financing transaction for MSC Investment.